The Economic Offences Wing of the Hyderabad Central Crime Station on Friday arrested Sahitya Infra MD Lakshminarayana for committing irregularities in pre-launch events. In Aminpur, Sahiti Infra sold flats in pre-launch event in a project titled Sahitya Sharwani Elite, comprising 38 floors, executed on a 23-acre site. He collected at least Rs.539 crore from not less than 1700 victims and failed to keep his promise to buyers to pay 15 to 18 per cent interest on the amount collected.
Apart from this, around 2500 buyers belonging to different parts of the city were cheated after illegally collecting Rs 900 crore from them. Because of committing the irregularities, the police arrested him and sent him for remand. The Hyderabad Police are appealing to the people not to buy properties, under any circumstances, investing money in the pre-launch offers announced by the real estate companies. The prospective buyers have been asked to buy properties in projects that have necessary permissions.
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